Bitcoin mainstay withdraws funds and knowhow from ‘failed experiment’

A MAJOR PROPONENT of the bitcoin cryptocurrency has labelled it a “failed project” and withdrawn his support.

Zurich-based developer and ex-Googler Mike Hearn published a blog post this weekend in which he announced that he had sold all his bitcoins and retired from developing for the virtual currency.

The currency has increased hugely in popularity since its inception, but this has created a whole host of problems, ranging from its rapid (and, let’s face it, predictable) adoption as the currency of criminals, to its increasing complexity on the technical side which is making transactions slow down or fail entirely. Some even predict that the infrastructure will actually grind to a complete halt one day.

“Despite knowing that bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly. The fundamentals are broken and whatever happens to the price in the short term, the long-term trend should probably be downwards,” Hearn said.

He goes on to describe it as being “controlled by just a handful of people” and “on the brink of technical collapse” and that “the mechanisms that should have prevented this outcome have broken down”.

Hearn pointed out that the currency, which is largely controlled

Read more ... source: TheBitcoinNews